Government loans have very strict guidelines to apply for a loan. It is not that the government, unlike other private lending companies, does not have criteria or parameters to judge who is eligible for a loan application. But these criteria are often lenient.
Governments sometimes even lend money to those who have no potential to repay it. Not only that, in the event of a natural disaster when those who took the loan were unable to repay it, the government only apologized for the amount of the loan.
Compared to private banks and corporations, the interest rates on affordable government home loans are much lower. In addition, the government can provide large loans for a longer period of time. This allows one to have relatively small monthly payments and greater security.
Private companies usually charge their customers high interest rates to earn big profits. They lure customers with the promise of instant delivery of loan amounts at their doorstep and with the fewest paperwork.
Government loans usually require more paperwork, but that won't detract from their benefits. When deciding on a government loan, the best thing you can do to avoid hanging around is to choose a good quality agent.
These agents do all the official work (such as collecting documents, checking and filing) and going from one office to another. The best part is that they are not too expensive and offer enough knowledge, guidance and services for your convenience.